New Delhi, Aug. 18 -- The Buss family is ending its long chapter with the Los Angeles Lakers. According to ESPN, the family will sell its remaining 17.8 percent stake to new majority owners Josh Kushner and Bob Iger. Once the deal closes, Jeanie Buss will no longer meet the NBA's 15 percent ownership rule required to serve as controlling owner and governor. She has held that role since 2013, following the death of her father, Jerry Buss.

According to the NBA rules, a governor must own at least 15 percent of the team. The Buss family's final shares put Jeanie just above that line. Selling them drops her below the threshold. The move ends more than a decade of her leadership and closes the family's direct control of the franchise that Jerr...